By Cristal Cody
Tupelo, Miss., Feb. 13 – Marble Point CLO Management LLC priced $400 million of 13-year notes in the Marble Point CLO XVII, Ltd./Marble Point CLO XVII LLC broadly syndicated transaction, according to a pricing announcement on Thursday.
The CLO has an expected weighted average cost of debt of Libor plus 187 basis points.
Morgan Stanley & Co. LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
Marble Point Loan Financing Ltd. said in the release it has committed to invest $20 million in the CLO, which represents 56.4% of the CLO’s equity.
The closed-ended company invests in dollar-denominated broadly syndicated floating-rate senior secured corporate loans via CLOs, loan accumulation facilities and other vehicles managed by Marble Point Credit Management LLC or its affiliates.
Marble Point CLO Management is an affiliate of the Greenwich, Conn.-based alternative asset manager.
| Issuer: | Marble Point CLO XVII, Ltd./Marble Point CLO XVII LLC
|
| Amount: | $400 million
|
| Securities: | Notes
|
| Maturity: | 13 years
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Marble Point CLO Management LLC
|
| Weighted average cost of debt: | Libor plus 187 bps
|
| Call feature: | Two years
|
| Pricing date: | Feb. 11
|
| Settlement date: | March 24
|
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